Microsoft and GV (formerly Google Ventures) have invested in DNAnexus, which closed on a $58 million financing round with investments on Tuesday. The DNAnexus platform makes it possible for a network of enterprises to effectively gain insight from large genomic and biomedical datasets.

The investment comes as more and more major technology vendors are making moves into genomics, bioinformatics and precision medicine and hospitals IT shops are increasingly being tasked with incorporating those into the clinician workflow. 

“The financing enables further development and the launch of our translational medicine solutions, as well as expanding our footprint in cloud-based management of genomic data in clinical trials,” DNAnexus CEO Richard Daly said in a statement. “The next wave of biomedical insights is coming from cross-institutional collaborations that produce rapidly increasing amounts of multi-omics data.”

Daly said that as the volume of biomedical information continues to increase, the DNAnexus Platform and upcoming product releases will boost collaboration, data sharing and machine learning, which will also spur the development of precision medicine.

The investment supports the company’s continued expansion in the clinical trials market as well as its Translational Informatics Suite.

Earlier this year, DNAnexus launched the Mosaic Microbiome Platform to increase the understanding of the human microbiome and an early access program for Google Brain’s Deep Variant technology. The company also announced separate collaborations with AstraZeneca’s Centre for Genomics Research and Rady Children’s Institute for Genomic Medicine.

In addition to Microsoft and Google, the round was led by new investor Foresight Capital. TPG Biotech, WuXi NextCODE, Claremont Creek Ventures, and MidCap Financial also participated.

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